FG unveils N10m interest-free loan scheme for staff in tertiary institutions.
The Federal Government has launched the Tertiary Institutions Staff Support Fund (TISSF), to improve staff welfare, support career development, and promote financial independence.
The Minister of Education, Dr. Tunji Alausa, who launched the ₦10 million interest-free loan scheme for academic and non-academic staff in tertiary institutions, revealed that the initiative is part of President Bola Tinubu's Renewed Hope Reform Agenda for Education.
Alausa explained that the scheme is expected to provide financial support for various needs, including medical expenses, family and accommodation needs, transportation, small-scale enterprises, agriculture, and academic advancement, adding that eligible staff members can access up to ₦10 million, which is subject to a cap of 33.3% of their gross annual salary, while the loan is repayable over five years, with a 12-month moratorium before repayment begins.
He further said that the scheme is open to confirmed full-time staff of federal and state universities, polytechnics, and colleges of education with at least five years to retirement, with the applications to be processed through an online platform, while the requests will be analyzed by the Bank of Industry.
The initiative has been endorsed by stakeholders, including the Chairman of the Committee of Vice Chancellors of Federal Universities, Professor Tanko Ishaya, who called for its continuity.
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